Independent Advisors Embrace New Possibilities for Continued Growth and Development in Virtual Environment
According to Schwab’s latest Independent Advisor Outlook Study, released during this week’s virtual IMPACT event, advisors expect many of this year’s workplace changes to persist in the future. More than half (56%) of advisors expect that the pandemic will lead to a reduced need for office space and 49% expect an increase in staff working remotely. In addition, 47% of advisors believe that the increased use of video conferencing with clients and prospects will continue.
“In the beginning of 2020, we saw independent advisory firms adapt to the new normal to be able to effectively run their businesses in the remote environment. This shift took place rapidly, and most advisors changed gears, enabled remote working, and continued delivering an exceptionally high level of service to clients during what has been a volatile and uncertain economic period,” said
This mindset shift is also reflected by demand from firms of all sizes for Schwab’s
Virtual Consulting Touchpoints: Schwab completed in-depth multi-week 1:1 business and technology consulting engagements with 100 firms, in addition to over 700 other touchpoints including roundtable conversations, coaching calls, and consultations on timely topics such as cybersecurity, strategic planning, marketing strategy, creating a referral culture, and mapping the ideal client journey.
Schwab Advisor Services’
Business Consulting & Educationteam offers an array of actionable consulting programs focused on the key business and technology challenges facing RIAs. The consulting programs help RIAs address core challenges of starting, building, and growing their firms.
- COVID-19 Resource Hub: This hub pulls together timely Schwab resources for independent advisors from across the firm, including best practices for digital workflows and resources to help advisors navigate uncertainty and cultivate virtual relationships.
- Virtual Practice Management: Virtual Practice Management (VPM) programs are on-demand guided learning experiences, supplemented with virtual workshops that provide an opportunity to engage with Schwab experts and fellow advisors. Currently, VPM programs help guide advisors through the critically important processes of strengthening their cybersecurity program, building their strategic plan, and establishing an ideal client persona and client value proposition. According to Schwab’s 2020 RIA Benchmarking Study, firms that documented their ideal client persona and client value proposition attracted 28% more clients and 45% more new assets than firms without these frameworks in 2019.
Talent Resource Center: The Talent Resource Center(TRC) launched earlier this year and includes online self-service tools and resources that help RIA firms continue to evolve their talent strategies and attract new and diverse talent. According to the 2020 RIA Benchmarking Study, “Recruiting staff to increase firm’s skill set/capacity” is in the top five strategic priorities for firms. TRC also offers timely guidance related to managing talent in the current environment, including educational materials on cultivating virtual relationships and conducting effective virtual meetings.
“Firms of all sizes have grappled with the new realities of the workplace this year, and we are committed to making sure every client has ongoing support to maximize growth, achieve their goals, and gain competitive advantage, even as the world around us changes,” said Salvi. “The need for independent advice continues to grow, and we are excited to continue to support advisors as they not only face the challenges of running their businesses in the current environment, but also seize new opportunities that are unfolding.”
At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.
Through its operating subsidiaries,
Past performance is not an indicator of future results. 2020 RIA Benchmarking Study from Charles Schwab, fielded January to early
Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab.
Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. For informational purposes only.
The Neibart Group